Saudi King Abdullah presented the award, which is considered the "Nobel prize" of the Arab world, to Erdogan at a ceremony held in Saudi capital of Riyadh.
"I will proudly carry this great title as long as I breathe," Erdogan said at the award ceremony.
The King Faisal International Prize, which is given every year by Saudi Arabia's King Faisal Foundation, is presented to scientists and people who create positive differences in the world and make contributions to Islam.
This year, eight people from seven countries were announced winners of the prize in different categories such as, Service to Islam, Medicine, Arabic Language and Literature, Islamic Studies, and Science.
Later in the evening, Erdogan opened an exhibition entitled “Jerusalem and Palestine”.